What is DAEX?
DAEX (DAX) is a clearing solution designed for centralized cryptocurrency trading exchanges. The system is based on distributed ledger technology, which offers a Clearing as a Service (CaaS) mechanism. By utilizing the DAEX clearing chain, the clearing and settlement process is automated via pre-programmed clearing smart contracts. With DAEX, people are not involved in the clearance process, which reduces the risk of human error and improves the overall efficiency of the cryptocurrency trading industry.
The goal of DAEX is to enhance the infrastructure of the cryptocurrency trading industry through distributed ledger technology. The current architecture of centralized cryptocurrency exchanges is problematic, with each exchange responsible for the assets of its customers. As a result, customer assets are exposed to internal and external threats. DAEX seeks to tackle these challenges by providing a transparent, secure, and efficient clearing solution.
The DAEX solution's code is based on a public blockchain, which means it is open for public inspection and supervision. All users' assets are kept on the blockchain within the DAEX ecosystem. Assets cannot be transferred without the user's permission, and the usage of a multi-part private key provides added security to users. In the event of a lost private key, a safe recovery procedure is in place. DAEX claims that the accuracy of clearing and settlement is guaranteed by smart contracts and blockchain technology.
Furthermore, new exchanges are encouraged to join the DAEX ecosystem. Exchanges within the DAEX ecosystem have access to all of the platform's goods and services, including wallets and clearing services.
The DAX token is the native token of the platform and is used to facilitate collaboration between various elements of the system. The DAEX Foundation issues DAX to collect funds for the DAEX solution's development. The total supply of DAX is two billion coins.
DAEX was founded by Jason Tang and Hana Zhang. Ms. Zhang is an investor in numerous exchanges and has been a blockchain and digital asset entrepreneur since 2014. Mr. Tang is a software engineer with a master's degree from Zhejiang University and holds two blockchain patents. The whitepaper for DAEX was published in May 2018.
In summary, DAEX is a revolutionary solution for the centralized cryptocurrency trading industry, offering a secure, transparent, and efficient clearing solution. The platform is designed to provide a high level of security, reduce the risk of human error, and promote the adoption of distributed ledger technology within the industry.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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